“Big Push” Infrastructure Programme Proceeds Without External Borrowing – Mahama Announces

President John Dramani Mahama has announced that Ghana’s flagship “Big Push” infrastructure program is being financed entirely through domestic resources, with no reliance on external borrowing.

Speaking at the official launch of Ghana Infrastructure Plan(GIP) in Accra on Wednesday October 22, 2025, President Mahama said the initiative marks a bold step toward fiscal self-reliance in the country’s development financing.

“Can you imagine that with the kind of infrastructure we’re doing, we are out of the international capital market? We’re not borrowing one single dollar from outside for the Big Push program,” he declared.

Originally envisioned as a $10 billion initiative over five years, the Big Push program aims to accelerate Ghana’s infrastructure development through strategic investments in roads, housing, energy, and industrial zones.

According to the President, the program has already surpassed initial targets through domestic resource reallocation and fiscal reforms.

“This year, we started by allocating almost 14 billion. And next year, the Minister of Finance has promised to allocate 30 billion to the Big Push,” he revealed.

President Mahama attributed the program’s funding success to recent amendments to the Public Financial Management Act (PFMA), passed earlier in 2025, which strengthened the government’s ability to reallocate and monitor resources efficiently.

He outlined several key fiscal discipline measures:

Maintaining a primary surplus of 1.5% each year;

Capping the national debt ceiling at 45% of GDP by 2034;

Establishing a Fiscal Responsibility Council with powers to sanction fiscal breaches; and

Requiring ministerial approval for all public agency spending commitments.

The President stressed that these reforms have curbed waste and improved spending efficiency, freeing up resources for infrastructure projects.

Mahama also reiterated his government’s commitment to fighting financial malfeasance within the public sector. He said specialized courts have been established to expedite cases arising from Auditor-General’s reports and ensure accountability in the management of public funds.

“We are determined to eliminate waste and make sure every cedi is put to good use,” the President emphasized.

When asked about Ghana’s plans to return to international capital markets, President Mahama said the government is in no hurry.

“We’re not in a hurry at all, because I never knew that you could survive without going to borrow for infrastructure. So far, we’re doing good, and we’ll continue to keep our foot on the pedal.”

The Big Push initiative represents a major policy shift toward home-grown fiscal sustainability, signaling Ghana’s intent to reduce dependence on foreign borrowing for its long-term infrastructure agenda.